Houlihan Lokey Howard & Zukin, the US restructuring specialist which is expanding in Europe, is being acquired by Japanese financial services group Orix in a move that could help the US firm also grow in Asia.

The new combined firm is expected to begin operations in the first quarter of next year, with Houlihan Lokey and the Orix USA corporate finance group operating independently under their own brand names. Houlihan Lokey's management and board structure will remain in place.